How AI is Shaping the Future of Collections

Most consumers have a variety of ways to pay their bills— but sometimes, they simply don’t. Agencies use a host of different methods and channels in order to contact those customers, including phone calls, direct mail and virtual assistants. With so many options, billing departments are seeking out the right way to contact their customers, so they can set up flexible payment options or find additional, respectful solutions while continuing to grow and expand their own business.

Last year, our Consumer Payments study asked customers about their preferred channel for payments and evaluated consumer trust toward humans and machines. We continued inspecting these results this year by asking consumers to tell us how they prefer to communicate for overdue payments. Artificial intelligence continues to provide companies the opportunity to decrease live agent costs and increase customer satisfaction—even during tenuous times for customers, like when late payments are involved.